Farmington elevator maker Otis Worldwide Corp. posted a 14% decline in third-quarter profits, largely due to COVID-19 restrictions.
Otis posted a third-quarter profit of $310 million, or 61 cents per diluted share, down 14% from a $361 million profit, or 73 cents per diluted share, in the year-ago period.
The company’s $3.26 billion in third quarter sales was down $45 million from the same period last year, when Otis sold about $3.3 billion in products and services.
While Otis CFO Raul Ghai attributed the reductions largely to the COVID-19 pandemic, CEO Judy Marks said in a Monday morning call with investors that sales and profits are moving in a positive direction.
“Our business is [trending] to pre-COVID levels,” Marks said.
Otis, which officially split from its former parent company United Technologies Corp. (now Raytheon Technologies Corp.) has improved its 2020 sales outlook, Marks said. Otis now expects 2020 sales will be down 2% to 3% this year. That’s an improvement from the company’s previous prediction of a sales drop of 2% to 4%.
During the call, Marks also touted Otis’ August acquisition of Massachusetts elevator company Bay State Elevator, including its service portfolio and six offices in Agawam, Mass., Rocky Hill, Vermont and upstate New York.Â